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Bargain
Hunting Landlords are being caught out!
October 2009 Everybody
loves a bargain and your landlords will be no exception to this rule! Many landlords
are choosing to search for a lower cost buildings insurance policy by using search
engines and comparison websites. However, we are now finding that more landlords
than ever are leaving themselves without the correct cover. The
most common finds are Landlords do not have 'landlord specific' buildings insurance
but instead have 'homeowners' buildings insurance- which could invalidate their
insurance cover completely. Many
Landlords are not identifying the
correct tenancy type- most insurance companies need to know the type of tenants
in a property They do not realise that carpets, curtains and removable white goods
are classed as contents and believe that their property is 'unfurnished' - these
items would not be covered if they have not included contents cover in their policy-
this is not something highlighted by the websites and is often forgotten. A
high number of landlords believe they are covered for malicious damage caused
by the tenant provide and that is usually not covered by an insurer. We have found
that they are actually only covered for 3rd party malicious damage. Many
landlords are being caught out by high cancellation and amendment charges. e.g.
a large, well known insurer will charge a full years' premium even if the cover
is no longer required after just a few months. Suddenly what seemed to be a 'bargain'
becomes very expensive indeed. We do reserve the right to charge, however, currently
we do not charge for this and believe that any such charges should only reflect
the work involved in carrying out the cancellation or amendment. These
are just a selection of the problems we have found when speaking to your landlords.
As part of our service to you and of course your service to your landlords, we
would like to ensure the correct policies are held. It is important that you and
your landlords both know that should something happen; the insurance policy will
provide the protection you expect . Source:
Rentshield
Newsletter October 2009 - John Northcott Insurance Consultant
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